On November 22nd, 2023, Huobi HTX formerly recognized as Huobi Global encountered a substantial security breach.

This breach resulted in a considerable financial setback, initially approximated at $13.6 million but subsequently reassessed at around $30 million. This occurrence is yet another episode in a series of cybersecurity challenges faced by platforms dealing with cryptocurrencies.

In response to the attack, Huobi HTX promptly issued a communication to its user base, providing assurance regarding the safety of their funds.

The exchange pledged to provide full compensation for the losses incurred during the breach. This commitment underscores its unwavering dedication to ensuring the security of user funds.

Despite the considerable financial impact, HTX clarified that the event had only a marginal influence on the overall financial stability of the platform. Additionally, the assurance was given to users that regular operations would continue unaffected.

Huobi HTX Swiftly Addresses Security Breach Amid Rising Concerns

Huobi HTX articulated its intention to reinstate deposit and withdrawal services within 24 hours of the incident. Emphasizing their dedication to security, HTX stressed the imperative nature of safeguarding user assets and information. The exchange guaranteed the implementation of all essential measures to avert similar incidents in the future.

This security breach aligns with a broader trend of breaches afflicting platforms affiliated with or overseen by Chinese entrepreneur Justin Sun. Notably, the HTX Eco (HECO) Chain bridge, involving HTX, Tron, and BitTorrent cryptocurrency, encountered a separate attack resulting in an $86.6 million loss.

In total, HTX and other enterprises associated with Sun have experienced four distinct security breaches in the last two months. These incidents have raised concerns about the effectiveness of their security protocols.

Crypto Woes: $100M Poloniex Loss, Justin Sun Assures Investigations and Recovery

Justin Sun of HTX Reports Record Profits Amid Workforce Reductions

The most noteworthy recent breach occurred on November 10th against the Poloniex exchange, attributed to an alleged compromise of private keys.

This incident led to a substantial loss of $100 million, prompting an ongoing investigation aimed at identifying the root causes. A reward of $10 million is presently offered for the return of the funds pilfered in the Poloniex exploit.

Justin Sun has publicly acknowledged these incidents, accentuating the ongoing investigations to fathom the reasons behind the breaches. He provided reassurance that services would recommence post-investigation, once vulnerabilities are rectified.

Raed More :

Azuki DAO Transforms into ‘Bean’ and Drops Lawsuit: A Memecoin Venture

Arkansas Crypto Mine Wins Legal Battle to Sustain Loud Operations